Aura Energy (ASX:AEE) will raise about AU$9 million via the placement of about 64.3 million shares at AU$0.14 apiece, according to a Tuesday filing with the Australian bourse.

Uranium investment group Sachem Cove Partners committed AU$6.5 million and will become a "significant" shareholder, holding roughly 5.1% of the company's issued stock, the filing said.

Funds will be used to advance the Tiris project in Mauritania, funding an early works program beyond the final investment decision expected in the first quarter of 2025, according to the filing.

Aura Energy shares fell nearly 10% in afternoon trade Tuesday.

Price (AUD): $0.14, Change: $-0.02, Percent Change: -9.68%